Chevron Corporation has announced a 2019 organic capital and exploratory spending programme of US$20 billion.

“Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basin position, additional shale and tight development in other basins and our major capital project at TCO in Kazakhstan,” said Chairman and CEO Michael K. Wirth.“Our investments are anchored in high-return short-cycle projects, with more than two-thirds of spend projected to realise cash flow within two years.”

Approximately US$2.5 billion of planned capital spending is associated with the company’s downstream businesses that refine, market and transport fuels, and manufacture and distribute lubricants, additives and petrochemicals.